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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by V&T Law Firm

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China’s New Draft Foreign Investment Law

March 2019 - Corporate & Commercial. Legal Developments by V&T Law Firm.

More articles by this firm.

The State Council presents a near-final draft to the National People’s Congress

January 11, 2019

Foreign investment; cross-border transactions

Update - Client Alert SHSE Sci-Tech Innovation Board (2019.3.8)

March 2019 - Corporate & Commercial. Legal Developments by V&T Law Firm.

More articles by this firm.

 Update — China’s Version of NASDAQ ?

Shanghai Stock Exchange to create Sci-Tech Innovation Board

March 8, 2019

Capital markets; foreign investment

On March 1, 2019, the China Securities Regulatory Commission (CSRC) and Shanghai Stock Exchange (SSE) released the final version of the Sci-Tech Innovation Board Rules (STI Board Rules) that were published in draft form on January 30, 2019.[1] The Chinese authorities rarely finalize draft regulations this quickly. It appears that the Chinese government wishes to enable the SSE’s Sci-Tech Innovation Board (STI Board) to better compete with the Hong Kong Stock Exchange, NASDAQ, and perhaps even the New York Stock Exchange. Other Chinese boards like Shenzhen’s ChiNext board and Beijing’s New Third Board claimed to be like NASDAQ, but investor response has not been as positive as had been hoped, and these earlier Chinese boards are not as deregulated and market-oriented as the STI Board purports to be. From the opening of the SSE stock market after Chinese New Year until the day before the finalized STI Board Rules were released, the Shanghai composite experienced its largest monthly gain since April 2015, and major banks like Credit Suisse predicted that Chinese markets would continue to prosper.[2] This suggests that investors welcome the finalized STI Board Rules. On February 11, 2019, V&T Law Firm (V&T) published an article that analyzed five characteristics of the draft STI Board Rules.[3] This client alert is an update based on the finalized STI Board Rules.

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[1] The terms “PRC” and “China” are used interchangeably in this client alert and neither includes Hong Kong, Macau, or Taiwan.

[2] Eustance Huang, “Credit Suisse on stocks: 'We love China at the moment',” CNBC China Markets, March 1, 2019, https://www.cnbc.com/2019/03/01/credit-suisse-on-stocks-we-love-china-at-the-moment.html.

[3] A V&T client alert regarding the draft version of the STI Board Rules is available at: http://www.vtlaw.cn/ueditor/php /upload/file/20190214/1550109008571307.pdf. This client alert is an update. 

China’s Version of NASDAQ ? Shanghai Stock Exchange to create Sci-Tech Innovation Board

March 2019 - Corporate & Commercial. Legal Developments by V&T Law Firm.

More articles by this firm.

February 11, 2019

Capital markets; foreign investment

The China Securities Regulatory Commission (CSRC) recently published guidelines for a new Sci-Tech Innovation Board (STI Board) that will be created at the Shanghai Stock Exchange (SSE).  The board will feature innovative scientific and technological enterprises, and some analysts claim that the STI Board might be able to compete with the Hong Kong Stock Exchange, NASDAQ, and perhaps even the New York Stock Exchange (NYSE).  In any event, this is one of the more major reforms that China’s stock markets have seen over the past 30 years. It will be easier to list innovative enterprises on the STI Board, as eligible companies can be listed by filing the required documentation with the SSE; the CSRC will be responsible only for the securities registration. But will the STI Board really be a Chinese version of NASDAQ? This client alert examines some of the new features of the STI Board and some of its more important listing procedures.